Thor Explorations Ltd. (TSXV:THX)
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2025 Precious Metals Summit - Zurich

Nov 10, 2025

Segun Lawson
CEO, Thor Explorations

We started—we declared a dividend policy, and we pay a dividend, a quarterly dividend, which has been part of the catalyst to our share price growth. We have a number of institutions in North America, Europe, and in Africa on our share register, and management has significant skin in the game, owning around about 12% of the company. Our key highlights over the last quarter in Nigeria, which is our flagship asset, which is essentially our cash cow. We poured just over 22,500 ounces for the quarter. That's been consistent for the last three quarters. We expect to be just above that for Q4 this year. We sold just under 20,000 ounces of that. We took over about—we had 6,000 ounces left unsold, which we are selling in this quarter above $4,000 per ounce. Our revenue was around about $70 million per ounce.

This year, we should see record numbers in every financial metric: revenue, net profit, EBITDA. We have transitioned, should I say, from a net debt position last year of around about $12 million. We should be finishing the year with about $120 million in cash at the bottom line. That is including having paid out a dividend of about $24 million U.S. We achieved this by keeping a head grade of round about between two and a half and three grams per ton going into the mill. There are a number of inputs that give us this low all-in sustaining costs. It is the high grade. We also have—our power source is compressed natural gas, and our recoveries, as you can see in global standards, are extremely high, between 93% and 94% this year, and we are trying to stay level about 94%.

We recover north of 60% of our gold from gravity alone, with the remainder going through the CIL process. Before I go into the upside, we're generating very strong cash. We have a high margin. We have completely repaid our senior debt facility to our senior lender. There is no debt on the balance sheet. We are growing our cash and balance sheet by $10 million-$12 million a month at this rate. However, we do still think there's a significant amount of upside to come from this project. Our Feasibility Study was based on a $1,600 gold price. It was based on a five-year mine life. However, since repaying our senior debt at the end of last year, we've now turned to allocating a lot of our cash into exploration upside, and the easiest place to start this exploration is underneath the pit.

We've been drilling through the course of this year to a lot of success. We've continued to intersect mineable, high-grade widths of gold underneath the pit. In fact, our deepest drilling drill holes under the pit have intersected mineable grades of gold. We are also encouraged by the fact that over the course of the last couple of years, through mining and opening up the pit, we have developed a much better understanding of the structural controls of the gold mineralization, and that's guiding our evolving drilling campaigns. Our diamond drilling program has continued through Q3 to test these chutes of depth. We can see these chutes are now separated, and they are mineralized, well-constrained in the south and in the north. This resource has certainly not been closed out.

What you see here, the black line you see there, is the bottom of the pit as per the PFS. We've drilled north of 150,000 ounces underneath the pit, which is not factored into any of our economic projections. Despite our share price growth and despite our dividend payment, none of these—everything we have forecasted has been above the black line in the open pit. To put things into context, should we not mine any of this gold underneath the pit, we will probably be in a situation at the end of 2028 with north of around about $500 million in cash without producing an additional ounce of gold. We see growth also coming from the region. This is the first and only large-scale gold mine in Nigeria. We are a first mover.

One of the things we have looked to do is capitalize on our first mover advantage. We've pegged a lot of ground within a 50 km radius of the plant, and we've entered into joint ventures where there have been local license holders without the technical or financial means to advance these licenses. We have looked at these satellite targets and drilled them within a 50 km radius to some success. We have identified a number of pits which are very high grade, albeit a lot smaller than the Segilola Gold Mine as it stands. Drilling is ongoing at the moment, targeted at increasing the strike length and basically the number of ounces we have in these satellite deposits. This is all looking to supplement anything we produce from the underground and being at a trucking distance also to extend the open pit mine life.

This is something we're fully committed to. We're taking a long-term view in Nigeria. We don't believe this is the only gold deposit there. Exploration in the country has been extremely underfunded, should I say, and neglected for the oil and gas sector. As a first mover, this is something we've been able to capitalize on and continue to prioritize. One of the ways we're doing this is through the purchase of our own drilling rigs. It enables us to drill very quickly and flexibly, moving between targets, and also at a much lower cost than using third-party contractors. I'll move on to our second project in Senegal. This is down in the southeast corner of Senegal, close to the Mali border. It's called the Douta Project. The Douta Project consists of two licenses, two contiguous licenses.

In terms of ounces of gold, this is much bigger than what we have in Nigeria, albeit at a lower grade of gold, 1.78 million ounces. We're surrounded by gold deposits. There's Massawa, which is owned by Endeavour. There's Makabingui on the eastern side of us. To the south of us, there's just been recently a mine put into production by Managem, the Boto Gold Mine, that was purchased from IAMGOLD. Senegal is obviously a much more known gold jurisdiction than Nigeria, with a lot of data available. We have drilled here to a lot of success to get our global resource. The next milestone, like I mentioned at the beginning of the presentation, is the preliminary feasibility study, which we're still aiming to get out prior to the end of the year.

This is looking at a mine that can produce for up to 10 years based on a first pass. However, one thing we are doing here is consolidating our land position here. We have, sorry, in the original Douta license, we have over 30 km of mineralized strike length that we continue to drill. The actual deposit sits on a seven-km-long strike length. We have found a discovery in the south of the license called Baraka 3, which is going to add ounces. However, recently this year, we added a new license, which is also contiguous and lies between Makosa, which was the original deposit at the top of the screen, and Baraka 3, which is the latest discovery we have in our portfolio.

You can see in between that we have 30 km of gold in soil anomalies and mineralized, which has been historically drilled with some good drilling intersections: five meters at 4 grams, five meters at 2.7 grams, five meters at 2 grams, and some very strong trench results grading over 50 grams per ton. We are conscious we're putting out a preliminary feasibility study here. However, we see significant potential for deposits that can feed into a mine that can run for north of 20 years here across all our licenses here, and we continue to consolidate our position. We are at the end of a rainy season now. We are now going into an exploration season. We have a runway of eight months of pure drilling ahead of us with news flow, which is going to be upside to our Preliminary Feasibility Study.

Lastly, in our portfolio, we're in Côte d'Ivoire. We entered into this country at a very low cost by acquiring 100% of the Guitry license from Endeavour. Côte d'Ivoire in West Africa has been a success story in terms of gold discoveries, gold mining, and building gold mines. There are a number of listed players from both sides of the Atlantic spending exploration dollars and development dollars there. We just figured as a company-focused gold company focused on West Africa, this was a jurisdiction we could not afford to miss out on. The first license we acquired was Guitry. We paid a very low entry cost to Endeavour, $100,000, and a 2% NSR. We completed our maiden drill campaign earlier this year, 4,000 meters of drilling. That has been just on a very small portion.

You see that small box in there of the entire eight-km by five-km soil anomaly. We intersected some fantastic grades. As a first pass, we've identified about six mineralized lenses that remain open along strike and down dip in both directions, northeast and southwest. We are extremely excited by this. There is certainly potential here. I would class this as our first discovery in Côte d'Ivoire. We are excited to come back here and get the drills turning, get this to a maiden resource, and get this through the study phase. Secondly, in Côte d'Ivoire, in the north of the country, we acquired a license called the Marahui Project. For me personally, this is the project in our entire portfolio I am most excited about. We identified a soil anomaly in this Birimian Greenstone, the best kind of rocks you are looking for in West Africa.

We now overlay that with some rock chip sampling and found this five-km-long anomaly in the bedrock with fantastic grades from 29.9 grams per ton, 28 grams, 13, 12, 8 across the entire length of the five km. Now that the rainy season is over and we've signed a drilling contract here, we're excited to drill this out over the next eight months. I don't believe any of this is priced into our share price performance as stellar as that has been this year, and we're excited to deliver this. I'll close off by saying we've had a very good year this year. We've completely paid off our debt. We're growing our balance sheet. We're paying a dividend. We have a guidance this year of 85,000-95,000 ounces this year, low all-in sustaining costs in terms of global cost curve.

We have upside coming from Segilola , and we're going to continue our scout drilling programs regionally. In Senegal, we're looking to finalize a Preliminary Feasibility Study and show the economics of the market. In Côte d'Ivoire, we've got fantastic blue sky exploration across two projects. Lastly, we continue to return dividends to our shareholders on a quarterly basis for a minimum of two years, and we think that's extremely sustainable. Thank you very much.

Speaker 2

Thank you. We have time for maybe a question if there's a question from the room. If not, Segun, thank you for the presentation.

Segun Lawson
CEO, Thor Explorations

Thank you.

Speaker 2

Just a quick scheduling note. The last presentation was meant to be from Coppernico Metals. Due to a last-minute travel change, the company CEO, Ivan Bebek, will be presenting tomorrow at 10:00 A.M. That brings this session to a close. There's lunch outside, and there'll be a panel hosted by Trevor Hall starting at 12:45 in these two rooms. Thank you.

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